CIPS Co., Ltd

The expanding scale of participants, steadily increasing transaction volumes and progressive elaboration of the system functions are clearly observed. By the end of 2019, CIPS had 33 Direct Participants and 903 Indirect Participants (from 94 countries and regions) with an increase of 74% and 413% as compared to that in 2015, respectively. Through these Direct and Indirect Participants, the network of CIPS has reached 3000+ banking institutions over 167 countries and regions. The number of participants from the BRI countries and regions has gradually increased. By the end of 2019, 1017 banking institutions from 59 BRI countries and regions (including mainland China, Hong Kong SAR, Macao SAR and Taiwan) ran their business via CIPS. CIPS is constructed in phases. After CIPS (phase 1)&s;s successful launch, its functions have been steadily improved, which led CIPS (phase 2) to operation consequently. On October 9th, CIPS (phase 2) put into operation the DVP settlement and supported Northbound Trading of Bond Connect, which would reduce settlement risks and improve efficiency of cross-border bond transactions. On March 26th, 2018, CIPS (phase 2) was launched on a pilot basis, with 10 Direct Participants. On May 2nd, 2018, CIPS (phase 2) was in its full operation with other qualified Direct Participants. Compared with phase 1, CIPS (phase 2) has the following features: (1) More settlement modes. The Deferred Net Settlement (DNS) mechanism has been introduced on the basis of the Real-Time Gross Settlement (RTGS) to offer a liquidity-saving hybrid settlement mechanism. (2) Supporting financial market transactions. To meet needs for diverse financial transactions, CIPS supports settlement and clearing for RMB remittance, Delivery versus Payment (DvP), Payment versus Payment (PvP), Central Counterparties (CCP), and other RMB cross-border transactions. (3) Extended service hours. The operation time of CIPS has been extended from 5×12 hours to 5×24 hours + 4 hours, covering almost all financial markets in every time zone. ...